ZÃ¼rich Insurance hit by record £2.28 million fine
ZÃ¼rich Insurance, one of the more popular insurance companies in the UK, has today been hit by a £2.28 million fine from the FSA after admitting losing confidential details relating to 46,000 UK customers. This is the largest fine handed it a UK based insurance company and perfectly illustrates the seriousness of the charges which the company has admitted.
It was found that confidential information regarding UK insurance customers was being processed by the company's ZÃ¼rich South Africa arm and an unencrypted backup tape was lost during transit to the UK. This event happened in August 2008 and due to a lack of acceptable procedures within ZÃ¼rich Insurance the UK arm did not become aware of the data loss for 12 months. Information held upon the backup tape included customer's full names, full addresses, bank account details and credit card information.
Even though the company has been quick to confirm there have been no instances of criminal activity in relation to the data loss it is a worrying development at a time when UK consumers are more than ever concerned about that their privacy. The company has now taken action to tighten internal systems and ensure security is very much tougher in the future.
Your Guide to Life Insurance
Choosing and applying for life insurance can be a confusing process. Unlike most other insurance policies, many people go into the application process unaware of what they are actually looking for, and how to get what they want. At financialAdvice.co.uk, we can help you to find the right policy, and provide you with all the information you need to complete the application process, putting th...Read More
Why Is The UK Credit Card Market Contracting?
News of job loses at HBOS was widely expected but the closure of the Intelligent Finance (IF) division was something which few had forecast, at least in the short term. The closure has seen HBOS reduce its exposure to the credit card market at a time when competition needs to be increased not reduced. So what it happening to the UK credit card market?
The UK credit card ma...
Life Insurance ‘Too Expensive’ for Brits
Research from Beagle Street has found that Brits are shunning life insurance policies in large numbers, because they believe it is ‘too expensive’ 39pc of people who took part in the research claimed they felt that life insurance policies cost too much, despite the fact that prices start from just £3 per month. This means that more than half of British adults are at risk of leaving their...Read More
Simple ways to cut your car insurance
There is no doubt that all drivers in the UK dread their renewal date for car insurance as premiums continue to move higher and higher. However, there are a number of simple ways to reduce your car insurance premiums to a level which reflects your risk and your annual mileage. One of the best ways to reduce your car insurance premiums is to limit the mileage which you clock up each and every ye...Read More
Ping An Drops Out Of Auction For RBS Insurance Division
Ping An, the Chinese insurer, has dropped out of the bidding for the Royal Bank of Scotland insurance arm which is up for sale at £7 billion. The division, which includes Direct Line, Churchill and Privilege has been the centre of much interest but a number of potential buyers have pulled out of late. So will the sale still proceed?
While at this moment in time there are still 5...